DeFi Mullet Service Now Available to Brazilian Users
Coinbase is expanding its decentralized finance (DeFi) offering, DeFi Mullet, to Brazil, aiming to make decentralized trading significantly more accessible for users in the region. This initiative simplifies in-app access to a broad spectrum of DeFi tokens for Brazilian users, aligning with Brazil's upcoming major crypto regulations scheduled for 2026.
The ongoing effort to streamline DeFi access is highlighted by Coinbase's introduction of DeFi Mullet to Brazil. This move reflects a broader industry trend where centralized exchanges are integrating decentralized infrastructure directly into their existing applications. Brazil is among the first international markets to benefit from Coinbase’s simplified on-chain trading capabilities.
Brian Armstrong, CEO of Coinbase, confirmed the expansion in a recent update, emphasizing Coinbase's commitment to making decentralized trading more user-friendly for everyday individuals. He noted that while U.S. users already have access to this feature, Coinbase is now extending it to new international markets.
Addressing Retail Demand in the Brazilian Market
The launch coincides with a period of rapid growth in digital asset adoption in Brazil. Market research indicates a rising demand from retail traders eager to access tokens not yet listed on major exchanges. However, many users in Brazil encounter significant hurdles in onboarding to DeFi, including complex wallet management, network transaction fees, and inconsistent user experiences. Coinbase aims to bridge this gap by integrating decentralized trading directly into its primary application.
Brazil has emerged as one of Latin America's most dynamic crypto markets, with over 10% of its population now owning digital assets, a figure exceeding the global average. Factors such as rising inflation and financial uncertainty are continuing to drive widespread adoption of cryptocurrencies.
The country also boasts a vibrant fintech ecosystem that encourages young users to engage with digital payments. Despite this, many retail investors find existing DeFi platforms challenging to navigate. New users often struggle with managing seed phrases, external wallets, and the associated gas fees. Coinbase's integrated approach seeks to resolve these pain points.
Coinbase initially launched DeFi Mullet in the United States in October 2025. At the time of the U.S. launch, Armstrong pledged that Coinbase would expand the service to more countries. Brazil is now one of the earliest international markets to gain access. Coinbase has stated that users can trade tens of thousands of tokens directly through the Coinbase app. The company has confirmed that the system connects to decentralized liquidity sources such as Uniswap and Aerodrome.
The service functions by scanning liquidity across supported decentralized exchanges, assisting users in finding the most favorable prices for their trades. Coinbase also highlights that users can fund their trades and monitor their performance within the app, eliminating the need to switch between multiple platforms. Furthermore, Coinbase promotes a self-custody wallet integrated within the platform, which grants users full control over their tokens and waives network fees for trades conducted through this wallet.
Regulatory Landscape and Coinbase's Strategic Positioning
This expansion occurs at a critical juncture for Brazil's regulatory framework concerning digital assets. The country is preparing to implement a new regulatory structure by February 2026. The central bank has already issued new rules for anti-money laundering and counter-terrorism financing. Virtual asset service providers will be required to obtain authorization from the central bank, demonstrate enhanced transparency and governance, and adhere to cybersecurity standards comparable to those of traditional banks.
Brazil is also reviewing new tax regulations for international cryptocurrency transactions, aligning with the global Crypto-Asset Reporting Framework, which is supported by over 70 nations. These impending changes will impact exchanges, custodians, and individual investors alike. Coinbase's proactive market entry precedes the finalization of these regulatory reforms in Brazil.
Coinbase's strategic move also supports its overarching objective of developing an application that enables users to trade any asset from any location. The company continues to invest significantly in Base, its Layer-2 network. In the third quarter, Coinbase reported substantial growth in transaction volumes across its trading, lending, payments, and social applications. The company also introduced Flashblocks, a solution designed for rapid block confirmation.
Financial performance indicates strong momentum for Coinbase. The company reported a net income exceeding $432 million in the third quarter, with revenue increasing by 37% to $1.9 billion. Coinbase also increased its Bitcoin holdings to over 14,500 BTC. These results are viewed by market analysts as a positive indicator of growing retail trading activity.
Coinbase has expressed plans to extend DeFi Mullet to additional blockchain networks, with Solana mentioned as a potential future addition. While a specific launch date for the Brazil rollout has not been confirmed, Coinbase has indicated that the expansion has already commenced for some users. This development signifies a broader shift in how DeFi services are reaching mainstream consumers.